Wolverine Minerals closes $5.4-million in financings
posted on
Jun 08, 2011 09:19AM
Our mission is to maximize shareholder value through the aggressive and successful acquisition, exploration and development of top mineral prospects in Western Canada.
Wolverine Minerals closes $5.4-million in financings
Ticker Symbol: C:WLV
Wolverine Minerals closes $5..4-million in financings
Wolverine Minerals Corp (C:WLV)
Shares Issued 34,093,088
Last Close 6/7/2011 $0.50
Wednesday June 08 2011 - News Release
Mr. Thomas Doyle reports
WOLVERINE CLOSES $5.4 MILLION IN PRIVATE PLACEMENTS
Wolverine Minerals Corp. has closed non-brokered private placements of units and flow-through units, as previously announced on May 5, 2011, for total gross proceeds of more than $5.4-million.
The Company issued 7,374,500 million units (each, a "Unit"), at a price of $0.55 per Unit, for gross proceeds of $4,055,975. Each Unit consists of one common share and one-half of one share purchase warrant (each, a "Warrant"), with each whole Warrant entitling the holder to acquire an additional common share for $0.75 per share until June 7, 2012.
The Company also issued 2,150,000 million flow-through units (each a "FT Unit"), at a price of $0.65 per FT Unit, for gross proceeds of $1,397,500. Each FT Unit consists of one flow-through common share and one-half of one non flow-through share purchase warrant (each, a "NFT Warrant"), with each whole NFT Warrant entitling the holder to acquire an additional common share for $0.75 per share until June 7, 2012.
The Warrants and the NFT Warrants are subject to an accelerated 30-day expiry provision in the event the Company's common shares trade at $1.10 or greater for a period of 20 consecutive trading days after four months from closing.
Strategic Metals Ltd. exercised its right to participate in the financing in order to maintain its 19.9 % equity interest in the Company.
In connection with the financing, the Company paid aggregate finder's fees of $77,698.50 and issued a total of 136,110 finder's warrants in accordance with the rules and policies of the TSX Venture Exchange. The finder's warrants are exercisable at $0.55 for a period of 12 months and are subject to the same accelerated 30-day expiry provision as the placement warrants.
The proceeds from the above financings will be used to fund the Company's planned $5 million exploration programs in the Dawson Range and the Finlayson Districts in the Yukon (see news release dated April 28, 2011) and general working capital.
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